How founders should approach this market
Anthony Pompliano looks for folks who are running away from something rather than towards it
Professional Capital Management founder Anthony Pompliano | Stephen McCarthy/MoneyConf via Sportsfile/"SM1_2995″ (CC license)
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It’s still a tough market right now, as the post-White House summit euphoria wasn’t enough to carry us through the weekend.
But the mindset hasn’t changed for a lot of the folks I talk to — from analysts to venture capitalists — who still think the long-term outcome is bullish. And that’s led me to think about one group I haven’t really written about, outside of raise announcements: founders.
In this morning’s episode of Empire, Anthony Pompliano joined host Jason Yanowitz and the two discussed a variety of topics, though I, admittedly, perked up when listening to Pomp explain how he finds talent and operates as a founder.
Pomp said he looks for people who are running away from something rather than toward it. Basically, motivation is more built-in for folks who are seeking to either escape the norm or the situation they were in and build something different and perhaps better. At least, that’s the dream right?
“You want somebody who has a high propensity for action, you want somebody who is detail oriented,” and bonus points if they’re “borderline obsessive,” Pomp said.
When I spoke to Simon Dedic of Moonrock Capital last week, I asked him what advice he’s giving to founders. His big thing right now: telling folks to zoom out.
“Just focus on your vision, just keep building,” he added.
Ideally, the 5-10 year horizon should be the norm, and the payout when founders and projects get to that stage is larger than the pump we’re seeing now.
But another hurdle stands in the way for a lot of founders: chasing hype.
With crypto so narrative-driven at the moment, “VCs are often not better than the retailers out there,” Dedic told me. They’re also trying to capitalize on the hype of the moment and when we see market conditions that, well, suck, it makes everyone a bit more risk-averse — even if they’re long-term bullish.
The goal for founders who are actively building should be simple, Dedic noted. Create a solid project. Don’t get distracted by the fartcoins or random memecoin mania that don’t even have a five month timeline much less a five year timeline.
While both Pomp and Dedic spoke about founders and to founders, it seems to me that their way of thinking is relevant to anyone trying to survive in cryptoland. Just keep swimming, right?
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